In a day in age when many are investing in gambling and looking to open casinos in untapped regions, it’s not often that you see regions themselves leading the initiative.
That is the case this week, when the Chinese government announced that they have authorized government agencies of Beijing to form a joint venture with a private firm to develop a casino.
China will partner with Baha Mar Resorts Ltd to revive stalled redevelopment plans for the Cable Beach Resort in Nassau. Construction plans to turn the property into a complex with six hotels, 18-hole golf course, retail outlets and the largest casino and convention center in the Caribbean stalled in 2008 when Harrah’s Entertainment withdrew from the project.
The Chinese government will provide $2.5 billion in financing and hold a small stake in the property with China State Construction as the main contractor.
The resort is not expected to open for another four years, but is expected to be the largest job creator in the Bahamas with 11,000 jobs.
Bahamian Prime Minister Hubert Ingraham and Chinese Ambassador Dingxian Hu will finalize the deal on August 18.
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